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International arbitration report
In this edition, we focused on the Shanghai International Economic and Trade Arbitration Commission’s (SHIAC) new arbitration rules, which take effect January 1, 2024.
Amendment to Decree No. 2,680
Global | Publication | February 2017
On January 18, 2017, an official notice was published in Official Gazette No. 41,085 announcing that Decree No. 2,680,1 which granted an income tax exemption on net income of Venezuelan source obtained by resident individuals up to an amount equivalent to 6,000 tax units (TU), was amended.
The amendment consists of the inclusion of a new provision into Decree No. 2,680 that expressly repeals Decree No. 2,266 issued by the president of the republic in March 2016,2 which granted an income tax exemption of 3,000 TU on territorial revenue derived by resident individuals in fiscal year 2016.
Therefore, the only income tax exemption in force for Venezuelan resident individuals with respect to fiscal year 2016 is the one set forth in Decree No. 2,680 of 6,000 TU.
Footnotes
1 Published in Official Gazette No. 41,077, dated January 18, 2017
2 Published in Official Gazette No. 40,864, dated March 9, 2016.
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